20. : (1) On and from the commencement of these regulations, the Insurance Regulatory and Development Authority of India (Investment) Regulations, 2016 and Master Circular/Guideline issued thereunder, as amended from time to time, shall cease to apply in an International Financial Services Centre. (2) Notwithstanding anything in sub-regulation (1), any action taken or purported to have been taken under the regulations and master circular mentioned in sub-regulation (1) before the commencem... ... ...

19. : (1) In order to remove any difficulty in the application or interpretations of the provisions of these regulations, the Authority may issue clarifications through guidance notes or circulars. (2) On an application, received along with the specified non-refundable processing fees, the Authority, may for the reasons to be recorded in writing, relax the strict enforcement of any of the provisions of these regulations. =============... ... ...

18. : For the purpose of implementation, facilitation and regulation of investment by IIOs and matters incidental thereto, the Authority may specify norms, procedures, processes and manners for compliance by IIOs. =============... ... ...

17. : (1) Every IIO shall furnish information relating to its investments to the Authority in such manner, interval and in such forms as may be specified or sought by the Authority from time to time; (2) Every financial reporting by an IIO to the Authority shall be in USD, unless otherwise specified by the Authority. =============... ... ...

16. (1) The entire investment process of an IIO shall be overseen by an Investment Management Committee comprising of persons with financial and actuarial background duly authorised by the Board of the IIO including persons with relevant knowledge, experience and understanding of the inherent risks in the insurance or reinsurance business. (2) In case of an IIO established in an unincorporated form, the investments on behalf of such IIO shall be made by the persons duly authorised by the ... ... ...

15. : (1) The Board of an IIO shall have its own prudential mechanisms to evaluate, monitor, measure, report, control and limit their investment exposure. (2) An IIO shall conduct independent due diligence on proposed investments in addition to the rating given by Rating Agencies. (3) An IIO shall infuse such additional capital, as may be specified by the Authority in case: (a) Exposure of investment exceeds the limit specified under regulation 9 to 14; or (b) Rating d... ... ...

14. : The exposures of an IIO shall be limited on the basis of the nature of investee- single entity or a group or a particular industry. These exposures shall conform to the following matrix, subject to caps on the exposures to such Investee Entities also - Matrix 6: Investment Asset Exposure Matrix to Entity, Group and Industry [Exposures mentioned in this matrix apply to the total Investment Assets of the insurer] Type of Investment Asset Overall Exposure by an Insurer Maxim... ... ...

13. : The exposures of an IIO to Immovable Property and Infrastructure Assets shall be limited as per the following matrix, based on the top Investment Grade ratings given by internationally reputed rating agencies to the countries where such instruments are offered and investments made - Matrix 5: Property and Infrastructure Exposure Matrix by Sovereign Credit Rating Type of Investment Asset Sovereign Credit Rating - Rating Category (SCR-RC) SCR-RC Maximum (per cent.) Buffe... ... ...

12. : The exposures of an IIO to Equities and similar instruments listed below shall be limited as per the following matrix, based on the top Investment Grade ratings given by internationally reputed rating agencies to the countries where such instruments are offered and investments made:- Matrix 4: Equity Exposure Matrix by Sovereign Credit Rating Type of Investment Asset Sovereign Credit Rating - Rating Category (SCR-RC) SCR-RC Maximum (per cent.) Buffer (per cent.) 1. ... ... ...

11. : The exposures of an IIO to Bonds, Debts and Deposits shall be limited as per the following matrix, based on the ratings given in accordance with the 'Sovereign Credit Rating' to the countries from where such instruments are offered, by an internationally reputed rating agency,:- Matrix 3: Bond, Debt and Deposit Exposure Matrix based on Sovereign Credit Rating Type of Investment Asset Sovereign Credit Rating - Rating Category (SCR-RC) SCR-RC Maximum (per cent.) Buffer (... ... ...

New Delhi, Sep 21 (PTI) How will tribunals function if there is no infrastructure? the Supreme Court on Monday remarked while directing the Centre to identify infrastructural amenities urgently required by the National Company Law Tribunal benches in consultation with the NCLT president. Observing that tribunals are government's lifeline, a bench comprising Chief Justice Surya Kant, Justices Joymalya Bagchi and V Mohana also ordered the National Company Law Tribunal (NCLT) Principal Bench Bar... ... ...

10. : The exposures of an IIO to Bonds, Debts and Deposits shall be limited as per the following matrix, based on the ratings accorded to such instruments by any international rating agency recognized by the International Association of Insurance Supervisors (IAIS), unless otherwise specified by the Authority Matrix 2: Bond, Debt and Deposit Exposure Matrix by Insurance Capital Standards Type of Investment Asset Insurance Capital Standards - Rating Category - (ICS-RC) ICS-RC Ma... ... ...

9. :- The investments by an IIO in various assets shall be in accordance with the following matrix: Matrix 1: Investment Asset Exposure Pattern Matrix Sr. No. Type of Investment Asset Exposure (per cent.) Maximum Buffer 1 Listed/ to be listed Bonds, Debentures and equivalent fixed income instruments including Asset Backed Securities (ABS), Mortgage Backed Securities (MBS); and Debt Mutual Funds subject to Note 3. 80 20 2 Debts (other than specified in (1) a... ... ...

8. : - (1) Investments in Government bonds / debt instruments issued at the Central Government level of a country shall be admissible only in respect of the countries having Investment Grade Sovereign Credit Ratings (SCR) from one of the international rating agencies recognized by the International Association of Insurance Supervisors (IAIS), unless otherwise specified by the Authority. Explanation: Securities issued by entities other than Central Governments, such as State Governments, re... ... ...

7. :- For the purpose of these regulations, including that of sub-regulation (1) to (4) of Reg. 17 of the International Financial Services Centres Authority (Registration of Insurance Business) Regulations, 2021, investments by an IIO shall be made only in Assets rated as 'Investment Grade' under Insurance Capital Standards - Rating Categories (ICS-RC) by international rating agencies recognized by the International Association of Insurance Supervisors (IAIS), unless otherwise specified by th... ... ...

6. 'Investible Funds' or 'Investment Assets' means investments made out of the following funds: (1) in case of IIO, transacting Life Insurance Business - (a) Shareholders' Funds, to the extent they represent Solvency Margin; (b) Policyholders' Funds in respect of: (i) Participating and Non-Participating Funds of Policyholders, (ii) Funds of Variable Insurance Products including One Year Renewable Pure Group Term Assurance Business (OYRGTA) at their carrying... ... ...

HONOURABLE THE CHIEF JUSTICE MS. JUSTICE SONIA GOKANI AND HONOURABLE MS. JUSTICE NISHA M. THAKORE For the Petitioner : Ld Sr Adv. Mr. J.V. Niranjan With Mr Chetan K Pandya(1973) For the Respondent : Ld Asg Mr Devang Vyas(2794) Assisted By Ms Maithili Mehta Ld. Sr. Standing Counsel, Mr Nikunt K Raval(5558) Notice Served CAV JUDGMENT (PER : HONOURABLE THE CHIEF JUSTICE MS. JUSTICE SONIA GOKANI) 1. This is a petition preferred under Article 226 of the Constitution of India. The petit... ... ...

Each IIO must maintain a Board-approved Investment Policy, value its assets and liabilities, and maintain the prescribed solvency margin. Assets supporting liabilities must be earmarked and invested at not less than the value of liabilities, having regard to their nature, duration, currency and uncertainties. Such assets must remain unencumbered. Investments may be made in specified jurisdictions subject to foreign portfolio investment, home-country and FATF-related conditions. Relocating IIOs must apply the former jurisdiction's investment framework to premiums sourced there, separately account for and disclose ring-fenced investments, and preserve segregation of investments relating to risks assumed under the applicable registration framework.

Investment by an International Financial Services Centre Insurance Office means deployment of funds in financial assets or infrastructure assets, subject to specified exclusions. Financial assets include fixed-income instruments, equities, debts, immovable property, policy loans, units of specified funds, hedging derivatives and money-market instruments. Investment excludes certain administrative or judicial asset releases, commercial claims, assets valued under the Asset Replication Approach, and specified government bonds. Infrastructure assets may be located in India or overseas and include recognised infrastructure sub-sectors, district heating, and specified financial and market-infrastructure institutions.

3. - These regulations aim to put in place the regulatory framework and processes related to investment of assets by an IIO. =============... ... ...